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Hawesko Holding (HAW) Fair Value & Analysis

Consumer Defensive · DE · Market cap €162M

HH Hawesko Holding HAW · XETRA
Price€18.20
Fair Value€20.00
Upside+9.9%
Quality62/100
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Weak Growth
Thin margins · 1.8% net margin
Low debt · generates free cash flow
7.32% dividend yield
Ranks above peers (9/15)
Narrow moat 35/100
Evidence: High Range €15.00 – €25.00 Share as image

Fair value as of: Jul 19, 2026

From 24 valuation models · updated 22 days ago

Share price +0.6% over the past month.

A solid business, currently priced close to our fair value.

What matters now

  • The price sits close to our fair value, market and models broadly agree here, little valuation tension.
  • Our model range runs from €15.00 (bear) to €25.00 (bull), base €20.00. The closer the price sits to the lower half, the larger the margin of safety.
  • Quality 62/100 (solid quality) with high evidence: the data supports the verdict.
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Price vs Fair Value (5 years)

€50.29 €17.10 Fair Value €20.00 Apr 2021 Aug 2026

White line = price, green steps = our fair value per fiscal year, dashed = 300-day average. As of Jul 19, 2026.

How to read this chart

60‑month range €17.10 – €50.29 · fair‑value band €15.00 – €25.00 · the €18.20 price screens below the €20.00 fair value. Green steps = our fair value per fiscal year (point-in-time, no hindsight). Dashed = 300-day average. As of Jul 19, 2026.

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Analysis

Hawesko Holding (HAW) currently trades at €18.20, while our model-based Fair Value estimate is €20.00, implying the stock looks roughly 9.9% fairly valued today. The Quality Score stands at 62/100 (solid quality), in the Consumer Defensive sector. Bull case: trading below our estimate, it may offer upside if the fundamentals hold. Bear case: a low price can be a value trap when quality is weak or the data is thin (evidence: high), always confirm before acting.

Over the trailing twelve months, Hawesko Holding generated revenue of €620M at a net margin of 1.8%. Revenue declined 1.6% year over year. It earns a return on equity of 9.1%. Net debt stands at €141M. Fundamentals as of Jul 19, 2026

Our scenario range runs from €15.00 (bear case) to €25.00 (bull case); at €18.20, the current price sits within that range. Bear and bull are the same models run on conservative and optimistic assumptions (margins, growth, valuation multiples), so a plausible valuation range, not a price target. The share trades about 34% below its 52-week high, currently below its 200-day average. For context, the median of 10 Consumer Defensive peers we cover trades at 6% fair-value upside, at 10%, HAW screens cheaper than that median.

Fair Value models

Each model estimates fair value its own way; the Fair Value above is the evidence-weighted blend. Evidence (0–100) measures how completely this model’s inputs are available: well-fed models carry more weight in the blend. The spread across models is intentional, each one stresses a different value driver; dividend models, for instance, come out structurally low when payout is small.

Model Bear Bear = the cautious scenario: the same model computed with conservative anchors (lower growth, margins and valuation multiples). Together with Bull it frames a plausible valuation range, not a price target.BaseBull Bull = the optimistic scenario: the same model computed with favourable anchors (higher growth, margins and valuation multiples). Together with Bear it frames a plausible valuation range, not a price target. Evidence
Highest evidence
Growth DCF €34.58 €42.68 €52.47 80
Residual Income €10.53 €11.10 €11.52 76
Rev-Margin DCF €21.83 €28.14 €35.44 74
All 24 models by family
DCF Models
FCF DCF €34.04 €42.80 €53.93 38
Owner Earnings €24.80 €31.17 €39.25 31
5Y Revenue Exit €21.83 €27.34 €34.11 39
5Y EBITDA Exit €35.00 €50.14 €67.60 41
5Y P/E Exit €24.41 €31.81 €39.38 38
10Y Revenue Exit €27.03 €32.36 €38.11 36
10Y EBITDA Exit €34.26 €45.35 €58.08 37
10Y P/E Exit €28.65 €34.91 €41.25 35
Earnings-Based
Graham-Dodd €8.00 €15.80 €19.81 54
EPV €4.95 €5.52 €5.99 59
Dividend Discount
Gordon GGM €9.05 €11.72 €14.01 70
DDM Multi-Stage €9.05 €11.64 €14.11 61
Multiples
P/E Multiple €18.53 €24.70 €30.88 63
P/S Multiple €15.00 €20.00 €25.00 58
P/B Multiple €15.00 €20.00 €25.00 55
EV/EBIT €17.20 €22.87 €28.54 53
EV/EBITDA €41.33 €55.05 €68.76 54
EV/Revenue €12.33 €17.53 €22.74 43
Asset-Based
NCAV (Graham) €6.80 €9.11 €13.59 50
Growth DCF
Growth DCF €34.58 €42.68 €52.47 80
Rev-Margin DCF €21.83 €28.14 €35.44 74
Economic Profit
Residual Income €10.53 €11.10 €11.52 76
ROIC Compounder €4.95 €5.52 €5.99 72
Growth Earnings
Growth-Adj P/E €13.39 €19.12 €24.86 68

Widest divergence: DCF Models (€32.36) versus Earnings-Based (€5.52). Highest evidence: Growth DCF (80).

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Key figures & financial health

Revenue (TTM) €620M
Revenue growth (YoY) -1.6%
Net margin 1.8%
Return on equity 9.1%
Free cash flow €39.8M FY2025
P/E ratio 17.1
More key figures
Operating margin 1.2%
EPS (TTM) €1.18
Dividend yield 6.5%
EPS growth (YoY) +10.3%
Net debt €141M FY2025

Figures from reported company fundamentals · as of Jul 19, 2026. TTM = trailing twelve months.

Quality Score breakdown

Overall quality 62/100

Of which business quality 61 · Market factors (momentum, volatility) 43

Profitability 58
Margins and returns on capital today
Quality Growth 38
Are margins and returns improving?
Cashflow 64
Earnings quality: real cash, not paper profit
Fin. Strength 43
Balance sheet, leverage, solvency risk
Investment 100
Disciplined investing over empire-building
Low Volatility 84
Calm price path (market factor)
Momentum 30
Price trend over the last 3–12 months (market factor)
52W Momentum 18
Distance to the 52-week high (market factor)
Net Issuance 82
Buybacks instead of dilution

Non-valuation factor families (profitability, growth, cashflow, financial strength, momentum …), each academically grounded. Valuation itself sits in the Fair Value and is deliberately excluded here to avoid double-counting.

About the company

Hawesko Holding SE engages in the trade and sale of wines, champagnes, and spirits in Germany, Austria, Switzerland, and the Czech Republic, Sweden, and internationally. It operates through three segments: E-commerce, Retail, and B2B.

Full company description

Hawesko Holding SE engages in the trade and sale of wines, champagnes, and spirits in Germany, Austria, Switzerland, and the Czech Republic, Sweden, and internationally. It operates through three segments: E-commerce, Retail, and B2B. The company operates retail outlets through independent agency partners and its own stores; sells products through its own sales force and sales representatives, as well as engages in gifts business for private customers based on a special catalog. The company was founded in 1964 and is based in Hamburg, Germany. Hawesko Holding SE operates as a subsidiary of Tocos Beteiligung GmbH.

Company description, as reported by the company or data provider.

Revenue & earnings trend

FY2021 – FY2025 · reported fiscal years

Hawesko Holding reported revenue of €622M in FY2025 versus €681M in FY2021, a compound −2.2%/yr. Reported net income was €10.6M in FY2025, compounding −25.1%/yr from FY2021.

Growth Quality 40/100
Revenue growth is weak, negative or inconsistent.
Latest Revenue (FY 2025)
€622M
Latest YoY
−2.8%
Avg. growth/yr (3Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
−2.5%
Avg. growth/yr (5Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+0.0%
Avg. growth/yr (23Y) Measures the company's TOTAL revenue from reported annual statements: compound average growth per year (CAGR) from the fiscal year 3, 5 or N years back to the most recent comparable fiscal year. Not per share: buybacks do not change this number, and a merger can appear as a growth jump.
+3.7%
Revenue −2.2%/yr
FY21 €681M
FY22 €671M
FY23 €660M
FY24 €639M
FY25 €622M
Net income −25.1%/yr
FY21 €33.6M
FY22 €25.6M
FY23 €8.1M
FY24 €12.4M
FY25 €10.6M
Character of growth · EPS growth decomposed (2014-2025) −4.2 % p.a.
Revenue per share +3.3 pp

of which total revenue +3.3 pp · buybacks/dilution +0.0 pp

EBIT margin −3.7 pp
Tax rate −1.8 pp
Residual (interest, one-offs) −1.9 pp

Absolute contributions in percentage points per year; they sum to the EPS growth rate. Start and end points are 3-year averages (details on hover).

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Cite: Fair Value Calculator (2026). "Hawesko Holding Fair Value". https://www.fairvalue-calculator.com/stock/HAW

Peer Group

Beverages - Wineries & Distilleries · 96 stocks

How this stock ranks against its industry: the green marker is this stock, the band is the typical 25–75% peer range, and the tick is the median.

Quality Score 62 · Top 25%
Fair Value upside +10% · Above median
Return on equity (TTM) 9% · Above median
Return on assets 4% · Above median
Net margin (TTM) 2% · Below median
Operating margin (TTM) 1% · Below median
Revenue growth -2% · Above median
Dividend yield (TTM) 7.3% · Top 25%
Debt / equity 0.18× · Higher than median

Valuation Multiples vs Beverages - Wineries & Distilleries median · lower = cheaper

P/E (TTM) 14.6× · Cheaper than median
P/B 1.53× · Pricier than median
P/S (TTM) 0.30× · Cheaper than 75% of peers
P/FCF 4.7× · Pricier than median
EV/EBITDA 5.5× · Cheaper than 75% of peers
PEG 1.97× · Pricier than 75% of peers

Snowflake

Five quick dimensions, each 0 to 100: VALUE (fair-value potential), FUTURE (revenue growth), PAST (return on equity), HEALTH (low debt), DIVIDEND (yield). Green = this stock, grey = typical sector peer.

VALUE 47 · sector 17
FUTURE 0 · sector 0
PAST 36 · sector 17
HEALTH 91 · sector 95
DIVIDEND 100 · sector 61

Values & ESG

Does this company touch areas you may want to avoid? The classification is inferred from sector and industry.

Alcohol

ESG scores are not available for this stock yet. Values and ESG data are contextual and can differ between providers.

Similar stocks

10 more Beverages - Wineries & Distilleries stocks, each showing price versus our Fair Value estimate (as of Jul 19, 2026).

Stock Price Fair Value vs Fair Value
Kweichow Moutai Co 600519 ¥1,251 ¥1,238 -1%
Diageo plc DEON 1,487 MXN 1,239 MXN -17%
Wuliangye Yibin Co 000858 ¥73.69 ¥48.44 -34%
Shanxi Xinghuacun Fen Wine Factory Co 600809 ¥110.50 ¥185.80 +68%
Pernod Ricard SA RI €65.24 €76.68 +18%
Luzhou Laojiao Co 000568 ¥83.12 ¥149.17 +79%
Brown-Forman Corporation BFA $26.60 $28.15 +6%
United Spirits Limited UNITDSPR ₹1,376 ₹440.56 -68%
Thai Beverage Public Company Y92 0.4450 SGD 0.6900 SGD +55%
Jiangsu Yanghe Distillery Co 002304 ¥38.08 ¥27.82 -27%

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Frequently asked questions

Is Hawesko Holding (HAW) overvalued or undervalued?
As of Jul 19, 2026, our model estimates a fair value of €20.00 versus a price of €18.20, about +10% (fairly valued).
What is the fair value of HAW?
Our model-based fair value for Hawesko Holding is €20.00 (as of Jul 19, 2026), built from audited fundamentals. The current price is €18.20.
What is the quality score of HAW?
Hawesko Holding has a Quality Score of 62/100. It measures business quality (profitability, growth, cash flow, balance-sheet strength, investment discipline, share issuance). Market factors such as price momentum and volatility do not enter the number; they are shown separately in the detail view.
What is the revenue of Hawesko Holding (HAW)?
Hawesko Holding reported trailing-twelve-month revenue of about €620M (latest available figure, as of Jul 19, 2026).
What is the net profit margin of HAW?
The net profit margin of Hawesko Holding is about 1.8%, meaning it keeps roughly 1.8% of revenue as net income. Based on the latest reported figures.
Does Hawesko Holding pay a dividend?
Hawesko Holding currently shows a dividend yield of about 6.50% relative to its recent price (as of Jul 19, 2026).

How we calculate Fair Value

Each company is valued through a stack of independent intrinsic-value models (DCF variants, residual-income, multiples and more), blended into one family-balanced consensus and weighted by how much trustworthy data backs it. A separate quality layer scores the fundamentals. Every input is real reported data, nothing guessed.

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